15.2-5409 - Sale of capacity and output to nonmembers; limitations. - Virginia Statutes

§ 15.2-5409. Sale of capacity and output to nonmembers; limitations.

An authority may sell or exchange the capacity or output of a project notthen required by any of its member governmental units for such consideration,for such period, and upon such other terms and conditions as may bedetermined by the parties, to any person, firm, association or corporation,public or private within or outside the Commonwealth; however, this shall notauthorize retail sales by an authority to any nongovernmental end user ofelectric capacity or energy, except as set forth in § 15.2-5406.1, and salesof such capacity or output of a project shall not be made in such amounts,for such periods of time, and under such terms and conditions as will causethe interest on bonds issued to finance the cost of a project to becometaxable by the federal government.

(1979, c. 416, § 15.1-1612; 1997, c. 587; 2006, cc. 929, 941.)